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US business delegation arrives in Cairo

A United States business delegation arrived in Cairo yesterday for a four day visit to discuss economic cooperation to bolster the ailing economy through developing the private sector. The US chamber of Commerce and the US-Egypt Business Council (USEBC) will lead, in collaboration with the American Chamber of Commerce in Egypt (AmCham Egypt), a business …

A United States business delegation arrived in Cairo yesterday for a four day visit to discuss economic cooperation to bolster the ailing economy through developing the private sector.

The US chamber of Commerce and the US-Egypt Business Council (USEBC) will lead, in collaboration with the American Chamber of Commerce in Egypt (AmCham Egypt), a business delegation of more than 100 US executives representing nearly 50 companies, the US Embassy in Cairo reported.

Deputy Secretary of State Thomas Nides will lead the delegation. Other notable members of the delegation include: Michael Forman, Deputy National Security Advisor; John Podesta, Senior Advisor of the Secretary; and representatives from the US Department of Commerce, US Trade and Development Agency, and the Overseas Private Investment Corporation.

The US Department of State said the delegation’s visit is a follow up to recent US government meetings on economic assistance to Egypt.

“This trip will focus on the second part of the two pronged economic diplomacy approach described by Secretary Clinton during her visit to Egypt in July,” the US Department of State reported in a press release.

The Obama administration promised to forgive USD one billion in debts owed by the Egyptian government after President Mohamed Morsy’s election.

The administration also hopes to present Congress with a plan to stabilise the Egyptian economy. “My hope would be is that we would go to the Congress very shortly with a framework of how we recommend that this money be allocated,” Nides told Reuters on Friday.

He also said bipartisan efforts are being exerted to achieve consensus over the US administration’s future dealing with the Egyptian economic dossier and to attain the approval of the Congress over these plans.

An earlier US delegation headed by Under Secretary of State for Economic Growth, Energy and the Environment Robert D Hormats visited in late August. The delegation was scheduled to meet with Morsy and other top government officials but Morsy cancelled the meeting in favour of his trip to China.